The firm comments, "We favor Esterline's exposure to cyclical and secular tailwinds in Commercial Aerospace, believe it has characteristics that could lead to participation in future Aerospace supply chain consolidation, and see valuation as relatively attractive. But its margins and returns are well below peer average, the historical execution track record is quite mixed (including in recent quarters), the size of the Defense component is above the sector average, and we see limited upside to consensus EPS expectations."

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